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COLOMBO — Sri Lanka said Tuesday it did not need the final tranche of a $2.6-billion IMF bailout thanks to the country's healthy foreign exchange reserves. The loan was granted in 2009 by the International Monetary Fund just after the end of the country's bloody ethnic civil war
- Foreign reserves level could stop IMF loan – Dr. de Silva (Category: Breaking News)
- Sri Lanka says doesn't need IMF money (Category: Breaking News)
- SL does not need IMF money (Category: Breaking News)
- SL does not need IMF money, Cabraal (Category: Breaking News)
Reuters: Sri Lanka and the International Monetary Fund (IMF) meet this week amid a standoff over the Central Bank’s defence of the rupee currency, which has cost $ 2.6 billion in foreign exchange reserves since July – the same amount the global lender has pledged to loan. Bucking
- Sri Lanka says doesn't need IMF money (Category: Breaking News)
- SL does not need IMF money (Category: Breaking News)
- SL does not need IMF money, Cabraal (Category: Breaking News)
- Reactions (Category: Business)
Treasury (T) Bill weighted average yields (WAYs) at last week’s weekly primary auction remained unchanged for the third consecutive week, last week, but those are not market determined yields, a market source told this reporter. Even in the case of US Treasuries, yields move at least one or two basis points (bps) up or down, ...
- Money Market’s Illiquid Status Deepens (Category: Breaking News)
- Rupee Strengthens, But Illiquid Status Worsens (Category: Breaking News)
- Reflections Of Low Economic Activity (Category: Breaking News)
- Fresh shock in forex market as rupee breaks 132 barrier to hit a month low (Category: Business)
The Central Bank of Sri Lanka recently unveiled its pioneering Sixth Strategic Plan – communicating in all transparency its plans for the forthcoming financial period – based on the theme ‘Raising the Bar’. The Sixth Strategic Plan, like its predecessors, takes root from the policy measures underscored in the ‘Mahinda Chinthana,’ and is formulated to ...
- A resolute Sri Lankan economy (Category: Business)
- Robust Roadmap! (Category: Business)
- Achieving economic goals amidst global challenges (Category: Business)
- CB says S&P’s revision unwarranted (Category: Business)
Central Bank Governor Nivard Cabraal has been increasingly under attack by UNP MP Dr. Harsha de Silva over some of the policies, actions and comments of the professional-turned-politician-turned-Chief of the monetary regulatory authority. Cabraal’s ambitious and robust Roadmap for 2012 and beyond too had come under critique as being overconfident. However, this is unlikely to ...
- CB says no need for FX intervention (Category: Business)
- Can and will sustain rupee defence: CB Chief (Category: Business)
- Sri Lanka affirms flexible FX policy, but will intervene if needed (Category: Business)
- Central Bank sees rupee firming helped by inflows (Category: Business)
Reuters: The rupee dived to its lowest level ever on Monday as investors sought refuge in the dollar after factory output data pointed to a further slowdown in Asia’s third-largest economy. Traders said further falls were likely after the partially convertible rupee fell 1.53 percent to close at 52.84/85 to the dollar, its biggest one-day ...
- Keheliya joins Rupee talk; Says will settle between 125 and 127 (Category: Business)
- Rupee up on sovereign bond inflow hopes; Bourse down (Category: Business)
- Rupee strengthens on inflows into bonds (Category: Business)
- Rupee value: CB denies report, Reuters stands by its story (Category: Business)
Reuters: China’s central bank plans to create a new vehicle to manage investment funds worth a total of $300 billion to improve returns on the world’s largest stockpile of foreign exchange reserves, a source with knowledge of the matter told Reuters. The vehicle, which was planned
- China end-Sept forex reserves top $3.2 trillion (Category: Business)
- China kicks off yuan trading vs Aussie, Canadian dollar (Category: Business)
- China urban tide to grow by 100 million in 10 years: Report (Category: Business)
- Don’t throw the baby out with the bath water (Category: Business)
Parliament yesterday passed the 2012 budget with 151 votes for and 50 against, giving the nod to an overall increase in spending by 14 per cent and a shock 3% currency devaluation that has already been put into effect. The budget reading last week was overshadowed by the president’s announcement of a 3% currency devaluation ...
- Budget Boost For Tourism (Category: Breaking News)
- Vote on second reading of budget today (Category: Breaking News)
- Fiscal deficit widens (Category: Breaking News)
- O-Bahn funds remain in budget (Category: South Australia)
By Ian The President in his speech at the opening of the Southern Expressway said that this could be the beginning of building a modern society. He also mentioned that had there been such an expressway linking the north with the south the extremists would not have succeeded in capitalising on the mistrust among communities. ...
- "I dont like to use the term 'student supppression' simply because there is no such thing" (Category: Breaking News)
- JVP accuses Govt. of crippling University system (Category: Business)
- Sri Lanka to open new universtities to improve higher education (Category: Breaking News)
- Gota urges educated youth to take country forward (Category: Business)
Conflicting views remain after Budget’s 3% devaluation move PB says rupee should be market-driven; Cabraal says will defend Conflicting views on the country’s currency remain with Treasury Secretary Dr. P.B. Jayasundera saying it should be market-driven, whilst Central Bank Governor Nivard Cabraal maintains that it will be defended. The simmering or what seems to be ...
- Can and will sustain rupee defence: CB Chief (Category: Business)
- Sri Lanka affirms flexible FX policy, but will intervene if needed (Category: Business)
- IMF to discuss Sri Lanka loan follow-up (Category: Business)
- CB says no need for FX intervention (Category: Business)
Good governance activist and former Chairman of the Ceylon Chamber of Commerce Chandra Jayaratne is raising issues of accountability on the part of Central Bank over past management of foreign exchange, following the 2012 Budget’s devaluation move. “With the Budget directing the Central Bank to depreciate the Sri Lanka Rupee by 3%, the Central Bank ...
- Expect rupee to strengthen in coming months: Cabraal (Category: Breaking News)
- Financing of 2011 Budget goes haywire (Category: Business)
- Overshooting (Category: Business)
- Forex Policy (Category: Business)
Multilateral donor emphasises devaluation should help exports, reserves Opines 2012 Budget consistent with earlier plans Withholds eighth tranche of $ 2.6 b loan; mission in Jan The International Monetary Fund said on Wednesday that Sri Lanka’s devaluation of its currency was a “step in the right direction” that should favour export competitiveness and preserve foreign ...
- Devaluation divide (Category: Business)
- November annual inflation eases to 4.7% (Category: Business)
- No timing yet for Sri Lanka review prior to next loan disbursal: IMF (Category: Business)
- IMF to discuss Sri Lanka loan follow-up (Category: Business)
WASHINGTON, Nov 22 (Reuters) – The outlook for Pakistan’s economy for the current year ending June 2012 is “challenging,” with global investors more risk averse, the IMF said on Tuesday, adding that ongoing security concerns are likely to limit capital inflows. The country’s authorities have expressed commitment to implement reforms in an attempt to enhance ...
- Tranche (Category: Business)
- Why has Pakistan not realized its economic and political potential? (Category: Breaking News)
- Bangladesh cricket team not visiting Pak for upcoming series (Category: Business)
- As economic situation looks gloomy in Pakistan, IMF advises strict measures (Category: Breaking News)
Reuters) – The head of the International Monetary Fund warned on Wednesday that Europe’s debt crisis risked plunging the global economy into a “lost decade” and said it was up to rich nations to shoulder the burden of restoring growth and confidence. Christine Lagarde told a financial forum in Beijing that European plans to bolster ...
- Washing machine cat is feline dizzy (Category: AU, New South Wales)
- Gets Oscars presenting gig (Category: Business)
- Megyn Kelly pulls sons from ‘woke’ UWS school over anti-white letter (Category: USA, New York)
- Homeless woman called ‘Bus Stop Mary’ identified by her family in New Jersey (Category: USA, Hawaii)
Reuters: The head of Europe’s bailout fund said on Friday he does not expect to reach a conclusive deal with Chinese leaders during a visit to Beijing but expects the surplus-rich country to continue buying bonds issued by the fund. Klaus Regling, chief executive of the European Financial Stability Facility (EFSF), said the bailout deal ...
- China ‘does not want to buy up Europe’: Communist party mouthpiece (Category: Business)
- China to keep investing in euro zone debt – China c.bank gov. (Category: Business)
- Euro zone recession may have already started: PMIs (Category: Business)
- China urges EU to reach debt deal without delay (Category: Business)
BEIJING (Reuters): China urged the European Union on Monday to deal with its debt crisis as soon as possible and prevent contagion from spreading, as the country’s number four-ranked leader arrived for a visit of the continent, including Greece. “We hope that the EU countries concerned will reach a comprehensive settlement plan as soon as ...
- China to keep investing in euro zone debt – China c.bank gov. (Category: Business)
- Euro zone recession may have already started: PMIs (Category: Business)
- Global leaders urge swift action to resolve Europe crisis (Category: Business)
- China ‘does not want to buy up Europe’: Communist party mouthpiece (Category: Business)
Representatives of 28 members of the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP) including Sri Lanka met in Bangkok on 11 and 12 October to discuss Asia-Pacific perspectives on the agenda of the G20 summit to be held in Cannes, France, on 3 and 4 November 2011. Central Bank of ...
- Bill Gates to urge G20 not turn backs on poor (Category: Business)
- Crisis in multilateralism affecting developing nations most: PM at G20 meet (Category: Breaking News)
- G20: Focus on digital tech to support global economy (Category: Breaking News)
- India’s G20 presidency hot topic in Chinese media. But Beijing won’t discuss LAC at the summit (Category: Breaking News)
China’s foreign exchange reserves hit a record $3.2017 trillion at the end of September, compared with $3.1975 trillion at the end of June, the country’s central bank said Friday The country’s forex reserves have ballooned in recent years, fuelled by strong foreign investment
- Commercial Bank first Lankan bank to link its ATMs to China UnionPay (Category: Business)
- China to create $300 b FX investment vehicle (Category: Business)
- Temasek sells $2.5 b China bank shares, reshuffles holdings (Category: Business)
- Commercial Bank wins its third Best Bank award of 2012 (Category: Business)
Leif Lybecker Eskesen, Chief Economist for HSBC India and ASEAN will visit Sri Lanka this week. During his visit, he will address the Bank’s corporate customers on ‘Asia’s Inflation – Growth Tango: who’s dominating the dance?’ at a special Power Breakfast, scheduled to be held on 7 October 2011, at the Cinnamon Grand Hotel. Leif ...
- HSBC Power Breakfast (Category: Business)
- India’s manufacturing growth slips in July, weakest since November (Category: Business)
- HSBC Advance brings innovative banking a step closer (Category: Business)
IMF urges more exchange rate flexibility CB defends interventions as necessary More discussions expected in Washington this week Reuters: The International Monetary Fund (IMF) yesterday said there has been no timetable set for a review of Sri Lanka’s progress under a $2.6 billion loan, the precursor to disbursement of the programme’s eighth tranche. The global ...
- IMF’s take on Sri Lanka’s good, bad and the ugly (Category: Business)
- Rupee premiums under pressure after IMF statement (Category: Business)
- Devaluation a “right step,” says IMF (Category: Business)
- Exchange rate standoff as IMF visits SL (Category: Business)
Last week, media were abuzz with two reports on how undesired exchange rate movements could worry governments. One was a currency under pressure for appreciation in the market and the other was a currency moving in the opposite. Swiss Franc: One way Journey to Appreciation The first was the case of the Swiss Franc which ...
- Six popular fallacies of currency appreciation – Part 2 (Category: Business)
- Swiss central bank intervention fails to stem franc’s rise (Category: Business)
- External value of the rupee: Market driven or Central Bank driven? (Category: Business)
- Rupee sinks to record low (Category: Business)
LONDON: Here’s a bold prediction to feed Western worries that power is shifting inexorably to the East: China’s yuan could overtake the US dollar as the world’s principal reserve currency as soon as next decade. Beijing has been promoting the use of the yuan beyond its borders since 2009 to settle trade transactions. The resulting ...
- China kicks off yuan trading vs Aussie, Canadian dollar (Category: Business)
- China warns of trade war if US bill passes (Category: Business)
- Yuan hits all-time high (Category: Business)
- Obama presses China to act like grown up’’ nation (Category: Business)
TOKYO: Japan unveiled a $100-billion effort to help companies cope with a surging yen, signalling that officials may be resigned to the currency remaining high. The government will release foreign-exchange reserves to the state-run Japan Bank for International Cooperation for funding to aid
- BOJ’s Shirakawa hopes intervention stabilises FX (Category: Business)
- Central Try (Category: Business)
- Dollar bounces back on US manufacturing surprise (Category: Business)
- Japan corporate mood up despite yen worry (Category: Business)
By Dr. S. Narapalasingam The current moves of the powerful government in post-war Sri Lanka are mainly for sustaining the wartime military strength, preventing the resurrection of the smashed LTTE and developing the infrastructures, notably the roads and rail network,...
- Pro-poor growth and Economic growth in Sri Lanka - A critical analysis (Category: Breaking News)
- ‘Lions’ and the ‘Tigers’ of Sovereign Sri Lanka (Category: Breaking News)
- “Connecting People to Prosperity” in Sri Lanka. A reality check with “Mahinda Chinthanaya” (Category: Breaking News)
- Why Are The Structural Changes Necessary? (Category: Breaking News)
Fitch Ratings today (21) affirmed Sri Lanka’s long-term foreign and local currency Issuer Default Ratings (IDRs) at ‘B+’, and simultaneously revised the Outlook to ‘Positive from Stable’. Following is the full text published by Fitch on Sri Lanka: Fitch Ratings has today affirmed Sri Lanka’s Long-term foreign and local currency Issuer Default Ratings (IDRs) at ...
- Fitch Affirms Sri Lanka at ‘BB-’; Outlook Stable (Category: Breaking News)
- Appropriate actions prompt Fitch to affirm Sri Lanka at ‘BB-’; Outlook Stable (Category: Business)
- Fitch downgrades Sri Lanka’s long-term local-currency IDR to ‘CC’ (Category: Breaking News)
- Ministry: Ground Situ In Japan Returning To Normal (Category: Breaking News)
Sri Lanka may not tap loans from the International Monetary Fund immediately as foreign-exchange reserves have climbed to a record, Deputy Finance Minister Sarath Amunugama said.
By Rakteem Katakey and John Duce Indian Oil Minister Murli Deora traveled to Nigeria, Angola, Uganda, Sudan, Saudi Arabia and Venezuela this year, leading a record number of delegations to gain oil for the world’s third-fastest-growing major economy....
- India makes inroads into Sri Lanka under China’s long shadow (Category: Breaking News)
- China to create $300 b FX investment vehicle (Category: Business)
- ONGC Videsh keen on long-term partnership with Cairn India in Sri Lanka (Category: Business)
- Sri Lanka finalises oil exploration rules, earmarks 900 offshore blocks (Category: Breaking News)
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